Breaking News: Best Buy CEO Brian Dunn has resigned. After 28 years with the electronics retailer, he called it quits amid buzz of a list of 50 stores closing accompanied by a massive layoff.
The electronics juggernaut, once hailed as the big box retailer that could not sink (in Titanic style), has finally succumbed to the onslaught of digital media and the online shopping frenzy.
In a press release from Business Insider on 4/10/12, BB announced Brian Dunn's resignation as CEO and director of the struggling company.
In today's press release, the board of directors said the long-serving chief executive officer has resigned. Furthermore, his departure comes without any legal ramblings, operational discord, and internal "disagreements." In short, Dunn's stepping down is part of a "mutual agreement."
Meanwhile, Director Mike Mikan will serve as the interim CEO, and the company's founder, Richard Schulze, continues as chairman, according to the press release.
Reportedly, a transition and exploration team is in place that consists of the board of directors and other key members of the company.
Since the imploding company is adapting a radical approach to growth (by downsizing), perhaps the new Best Buy CEO will be an outsider experienced in digital media and marketing.
As consumers latch on to the appeal and ease of making purchases online from the comfort of their homes, traditional shopping behaviors create the "death of the big box."
While there are still hardcore shoppers, who want the organic shopping experience by visiting a store, other savvy shoppers enjoy price reductions brought on by events like Black Friday and Cyber Monday. In many cases, the lower prices are only available online.
Best Buy CEO Brian Dunn's resignation is perhaps the first casualty of the restructuring plans the company has planned. Including a list of 50 stores set to close, hundreds of jobs are part of a future layoff. Time can only tell how the new and hopefully "improved" company's remaining staff's morale holds up...or not.